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Local bank executes cryptocurrency transaction
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Local bank executes cryptocurrency transaction

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Locally owned Vast Bank recently executed an end-to-end cryptocurrency transaction. The bank said it believes it is the first nationally chartered financial institution to both purchase and provide custody services for a digital asset on behalf of a customer and directly from their bank account.

Cryptocurrency is an emerging technology-based form of digital money with benefits over traditional currencies that include advanced security, reduced intermediaries, cross border transactions  and nearly instant settlement, even with large transactions. More than 6,700 publicly-traded cryptocurrencies with a combined value of nearly $900 billion, according CoinMarketCap.

"We are beyond excited to have the ability to offer tightly integrated bank and cryptocurrency services to our customers and Fintech partners," Brad Scrivner, president and CEO of Vast Bank, said in a statement. "Digital assets have always been a part of our long-term strategy …"

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